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Hudson Yards: Affordable Housing Dynamics in a Rapidly Developing Manhattan Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hudson Yards, a neighborhood in Manhattan, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 1,704 units in LIHTC funded projects, with 325 designated as low-income units. Based on the 2022 population of 11,250 and an estimated 4,310 housing units, LIHTC funded affordable housing comprises approximately 39.5% of the neighborhood's estimated housing inventory. This percentage indicates that LIHTC projects play a substantial role in the area's housing landscape.
The LIHTC program has invested $5,241,999 in tax credits for affordable housing projects in Hudson Yards. This equates to an average federal funding of approximately $3,076 per unit across all LIHTC funded projects in the neighborhood. The affordable housing presence in Hudson Yards spans nearly two decades, with the earliest project, Clinton Housing Development, completed in 1994, and the most recent, 330 W 39th St, finished in 2012.
The 2010s saw the most significant development of affordable housing in Hudson Yards, with four out of six projects completed during this decade. Notable projects from this period include 455 West 37th Street Apts (2009), 350 West 37th St (Tower) and 505 West 37th Street (both in 2010). The LIHTC funded projects in Hudson Yards offer a diverse range of unit types. Out of the 1,704 total units, there are 369 efficiencies, 930 one-bedroom units, 334 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially young professionals or seniors.
Over the past decade, Hudson Yards has experienced significant population growth, increasing from 7,127 in 2013 to 11,250 in 2022. Concurrently, the median income has risen from $100,590 in 2013 to $120,784 in 2022, indicating a trend towards higher-income residents. The racial composition has remained relatively stable, with a slight increase in the Asian population (from 19% to 25%) and a small decrease in the Hispanic population (from 20% to 14%).
Despite the lack of new LIHTC projects since 2012, the existing affordable housing stock continues to play a crucial role in maintaining some level of economic diversity in the face of rising incomes and property values. The absence of new LIHTC developments in recent years may be attributed to the area's increasing affluence and possibly limited available land for new affordable housing projects.
Hudson Yards demonstrates a significant presence of LIHTC funded affordable housing, covering nearly 40% of its estimated housing inventory. The neighborhood has seen a substantial investment in affordable housing through the LIHTC program, with projects spanning from 1994 to 2012. The housing stock offers a variety of unit types, predominantly catering to smaller households. While the area has experienced population growth and increasing median incomes over the past decade, the existing LIHTC projects continue to provide an important affordable housing option in this evolving Manhattan neighborhood.
